Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.


JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 29th. The aggregated net margin trading position is USD17,417m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Ryohin Keikaku, Disco, Yoshinoya, Advantest, Mitsubishi Heavy Industries, Mitsubishi UFJ Financial, Fast Retailing, Nintendo, Fujikura, Furukawa Electric, Ryohin Keikaku, Disco, Yoshinoya, Advantest.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 29th. The aggregated net margin trading position is USD17,417m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Ryohin Keikaku, Disco, Yoshinoya, Advantest, Mitsubishi Heavy Industries, Mitsubishi UFJ Financial, Fast Retailing, Nintendo, Fujikura, Furukawa Electric, Ryohin Keikaku, Disco, Yoshinoya, Advantest.


JPX Margin Trading Weekly (Aug 29th): Ryohin Keikaku, Disco, Yoshinoya, Advantest

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Yesterday 9 November, Aso Corp announced a Partial Tender Offer to buy 1,329,180 shares of <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a> or up to 3,979,580 shares. This partial offer is slightly confusing.The premium is low at +9% or so. The document states the acquirer intends to keep the stock listed, but the "intended" share purchase quantity is 100% of the minority. And while it states there is no intention to delist the company, the document notes there is no upper bound so that if enough people tender, there is a clear explanation of what conditions might allow the Exchange to delist the company, and under those circumstances, the company would be delisted. There is a section proposing that if "in the unlikely event" it gets to that level, the Acquirer would conduct a tachiaigai bunbai or other method of offering to ensure the company meets the listing criteria. But this can always be reneged upon. There is a kind of "shareholder agreement" between the Board of Tohto Suisan and Aso Corp which appears to include setting a threshold for voting rights at either 33.4% or 50.1% but not a different level (unless "appropriate"). This LOOKS easy. It is not. And if it gets done, it will not be clear why it would remain listed. More below the fold.

Yesterday 9 November, Aso Corp announced a Partial Tender Offer to buy 1,329,180 shares of Tohto Suisan (8038 JP) or up to 3,979,580 shares. This partial offer is slightly confusing.The premium is low at +9% or so. The document states the acquirer intends to keep the stock listed, but the "intended" share purchase quantity is 100% of the minority. And while it states there is no intention to delist the company, the document notes there is no upper bound so that if enough people tender, there is a clear explanation of what conditions might allow the Exchange to delist the company, and under those circumstances, the company would be delisted. There is a section proposing that if "in the unlikely event" it gets to that level, the Acquirer would conduct a tachiaigai bunbai or other method of offering to ensure the company meets the listing criteria. But this can always be reneged upon. There is a kind of "shareholder agreement" between the Board of Tohto Suisan and Aso Corp which appears to include setting a threshold for voting rights at either 33.4% or 50.1% but not a different level (unless "appropriate"). This LOOKS easy. It is not. And if it gets done, it will not be clear why it would remain listed. More below the fold.

Tohto Suisan Partial Tender Offer - A Weird Tender Which Leads To Listed Zombie-Ism

Japan

UORIKI CO., LTD. retails fresh fish and sushi.  The Company has retail shops in department stores, station buildings, and supermarkets.  Uoriki is also a wholesaler of fresh seafood.

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Uoriki Co Ltd (7596 JP)

JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Nidec (6594 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Aug 29th): Ryohin Keikaku, Disco, Yoshinoya, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Ryohin Keikaku (7453 JP), Disco (6146 JP), Yoshinoya (9861 JP),...

Ke Yan, CFA, FRM

Tohto Suisan Partial Tender Offer - A Weird Tender Which Leads To Listed Zombie-Ism

Aso Corp has launched a friendly partial, maybe-full, but not full Tender Offer for Tohto Suisan. It is not clear how it succeeds without...

Travis Lundy

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52-week Range

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